Derived from TheMarketPeriodical, Asia is quietly advancing the development of stablecoins pegged to local currencies, aiming to reduce reliance on U.S.-centric financial systems. Hong Kong, South Korea, Japan, and Singapore are implementing regulatory frameworks to support regional stablecoin ecosystems. Hong Kong’s Stablecoins Ordinance, effective August 1, 2025, requires licensing and compliance for stablecoin issuers. South Korea is preparing legislation for won-pegged stablecoins by year-end, while Japan and Singapore are promoting regulated yen- and multi-currency stablecoins. These moves signal a strategic shift toward financial sovereignty and digital trade corridors. Meanwhile, Europe is responding with its own euro-backed stablecoin initiative, Qivalis, as a counter to Asian advancements.
Asia Accelerates Stablecoin Development to Challenge Dollar Dominance
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Summary
Asia is pushing forward with stablecoin projects tied to local currencies to reduce dependence on the U.S. dollar. Hong Kong’s Stablecoins Ordinance, set for August 1, 2025, mandates crypto compliance for stablecoin issuers. South Korea plans won-pegged stablecoin rules by year-end, while Japan and Singapore are advancing regulated yen and multi-currency options. On-chain news shows growing momentum in regional digital trade. Europe’s Qivalis project is a response to these moves.
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